Michael McGrath (Cork South Central, Fianna Fail)

I thank the Minister of State for his reply. If I may, I will put some direct questions that I hope he will be able to answer.

Is there any update on the outline last October by the Minister for Finance, Deputy Noonan, of the likely cost to the State of recapitalising the credit unions in Ireland? The estimate at the time was between €0.5 billion and €1 billion. The Government has provided €500 million between this year and next. Given that the stress tests have been done and the capital adequacy of the credit unions has been assessed, surely the Minister can give a more precise estimate than one with a broad range of €0.5 billion.

Is there any indication of the scale of consolidation that we are likely to see? That is a cause of concern in communities across the country.

When will credit unions and other financial institutions be required to pay into this resolution fund and are there any concerns that the capacity to pay may not exist in many cases? Clarity on that issue would be welcome.

I raised the issue of the fees for the special manager, which are exorbitant. Presumably he will also be working with a team of people for whom separate charges will apply. This is a matter of concern given the likelihood that a number of special managers will be appointed to credit unions. Where will the burden of that cost ultimately fall?

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